Insurance companies have a new axis on the battlefield: insurance companies. This is because the battle between savings banks and banks in Spain is becoming increasingly acute. First, mortgages appeared , then debt products, then deposits, and finally, insurance, which is an irresistible niche market . It should be noted that financial institutions now manage a third of policies and account for 57 percent of new premiums signed last year, according to information revealed in the Mediation Report of the Directorate General of Insurance .
The most commonly used options are life insurance , motorcycle insurance, home insurance , and car insurance. Insurance coverage is very important for everyone, as it allows them to be protected against any problems without the risk of suffering more serious consequences if they were not covered by an insurance company.
Furthermore, savings banks and banks themselves already know that many customers are already with another insurance company. To attract this segment of the population, what’s needed is a significant price reduction to cultivate them in some way. This way, they can attract people by incentivizing them to pay less than they are currently paying.
Finally, it’s worth noting that during this period of crisis, consumers are more sensitive to this factor, as they want to preserve their capital as long as possible. Anything they can spend less on will be done without hesitation.
